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Show East Coast investment company tightens grip on United P.C. Mines A New York-based investment firm has increased its holdings in United Park City Mines Co. forcing changes on the mining company's board of directors, a company official said. The new board of directors is expected to select new corporate officers. Loeb Investors has now acquired at least 31 percent of United Park. The New York firm is teaming with Salt lake City's Bamberger family, which owns almost 10 percent of the mining company, to take control of United Park. The two groups have announced intentions to develop United Park's , land holdings rather than work its mines. Late in July, Loeb acquired 993,537 shares of United Park from Atlantic Richfield Co. at $2.01 a share. That $1,997,009 purchase bought 18.4 percent of United Park City Mines. Wheeler M. Sears, who presently sits as president of the mining company, did not renew his option on those shares in April. Sears heads the Dallas-based Cimarron Oil Co. He originally took the option on those shares in 1981 during the last rush on gold and silver. Late last week, Loeb fought off a cash offer by New Jersey investors to purchase an additional 12.7 percent of United Park from ASARCO. In order to make the purchase, Loeb had to boost its offer to an amount in excess of $2.87 a share for the 688,012 shares. The purchase price totaled $1,978,034, about $600,000 more than Loeb had expected to pay for the ASARCO shares. A spokesman for Loeb in New York declined comment on the price war or the buyout of United Park. David W. Bernolfo, who heads Salt Lake City's Bamberger Investment & Exploration Co., could not be reached by the Park Record for comment. Ed Osika, secretary treasurer of the mining company, said it is too early to evaluate what changes will come from the new ownership. He added, however, the company will definitely take new direction follow ing the stock purchases. The mining company is now in a transition that will result in some members of the board of directors being replaced by new investors, Osika said. There is a strong likelihood the board will select new corporate officers, he said. Sears, who became president of United Park in 1981 following his option on the Atlantic Richfield shares, could not be reached for comment on the stock transaction. United Park City Mines has not operated its mines since 1981. Currently, United Park is developing the Ontario Lodge, a 12-unit condominium development in Deer Valley. |